Shiba Inu crosses new high as petition to list coin on Robinhood crosses 325,000 signatures

The increased demand for Robinhood Markets Inc. to include the Shiba Inu coin on its platform is pushing the cryptocurrency to new highs.  The meme coin has climbed to a fresh all-time high, attracting new investors. According to CoinGecko statistics, the digital coin, which began as a joke based on a meme, increased by 6.5% on Sunday, 17.4% on Monday, and 15.1% in the past 24 hours.

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More than 326,000 people have signed a petition on Change.org requesting that Robinhood add Shiba Inu cryptocurrency. During a business earnings call on Tuesday, Robinhood CEO Vlad Tenev stated that the company is “carefully” evaluating adding new coins to its platform. Shiba Inu rose more than 20% on Tuesday when an unknown crypto whale acquired 276.6 billion Shiba Inu tokens for almost $11.5 million, according to statistics from WhaleStats, which records the activity of the 1,000 biggest ether wallets.

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Crypto has become increasingly important to the expansion of Robinhood. The brokerage said last month that it will begin offering crypto wallets, a technology that allows investors to transfer and receive digital currency. The corporation previously stated that the waitlist for that product had surpassed 1 million users. According to its most recent report, Dogecoin accounted for 64% of its crypto earnings.

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Trading Shiba Inu has been unpredictable. The cryptocurrency fell earlier this week when Elon Musk tweeted that he didn’t own it. In a subsequent tweet, he revealed that he had purchased Bitcoin, Ether, and Dogecoin, and “that’s it.”

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Shiba Inu was founded in August 2020 by an unknown individual who went by the name “Ryoshi.” The coin was established as a spin-off of dogecoin. With a market value of approximately $24 billion, it is now the 11th largest cryptocurrency.